In yet another enforcement of Bola Tinubu’s economic reforms, Moody has upgraded Nigeria’s rating to ‘B3’.

The rating, which is an increment of the previous ‘Caa1’, the agency said, is anchored on perceived improvement in Nigeria’s external and fiscal positions.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the governor of the Central Bank of Nigeria (CBN) have consistently maintained that despite the hardship in the country, the economic reforms of Tinubu’s government are bearing fruit.

Also, the World Bank, in its update, stated that Nigeria’s economy is on the right track.

Moody said: “The recent overhaul of Nigeria’s foreign exchange management framework … has markedly improved the balance of payments and bolstered the CBN’s (Central Bank of Nigeria) foreign exchange reserves”

The rating agency noted that the inflationary risks in Nigeria, driven by policy shifts, have diminished.

It stated that inflation and domestic borrowing costs are showing nascent signs of easing, bolstering confidence in the stability of these policy changes.

The agency tagged Nigeria’s economic outlook ‘stable’ from ‘positive’, as it expects recent progress on external and fiscal fronts to continue, though at a slower pace if oil prices fall.

Moody added: “The stable outlook reflects our expectations that external and fiscal improvements will decelerate but will not reverse entirely.”